Corker (R-Tenn.) also said the committee would not hold a full markup of the legislation.
"What'll happen tonight is probably there will be no markup. There will be some opening statements and the bill will pass out," Corker said on CNBC. Committee Chairman Chris Dodd (D-Conn.) scheduled a markup for 5 p.m. on Monday. Republicans had offered hundreds of amendments at the end of last week.
"I think there is probably a better opportunity to get a middle-of-the-road bill done before it goes to the floor. Probably for lots of reasons it's not going to happen in committee," Corker said.
Corker had been negotiating with Dodd on a compromise before Dodd ended the talks earlier this month.
Dodd will need at least one Republican vote to move the legislation on the Senate floor, so he is expected to resume talks with Republicans sometime after the legislation clears his panel.